Popular memecoin Pepe experienced a remarkable 118% surge over the last two days, reaching a 10-month high on Feb. 27.
Trading at $0.0000026, Pepe saw a 58% increase within 24 hours. The token reached a peak of $0.0000029 before retracting some gains in the past two hours, according to data from CryptoSlate.
Pepe’s market cap now exceeds $1 billion, with a 24-hour trading volume of $1.38 billion – a 480% surge in the last day.
Memecoins are currently a top-performing sector on CryptoSlate, showcasing gains of 11.8% in 24 hours and 16.91% over the week.
Coinglass data indicates that the recent rally led to the liquidation of nearly $4.4 million in shorts within the last 24 hours.
Market Momentum
Pepe Coin’s climb to a 10-month peak was fueled by the broader crypto market’s recovery trend in the last two days, with various digital assets witnessing significant gains as Bitcoin reclaimed 2021 price levels.
Pepe’s OI-Weighted Funding Rate surged from 0.0169% to 0.12%, reflecting bullish sentiment among traders. The funding rate has since eased to 0.06% following the price correction.
The rise suggests a growing inclination to pay more for long positions, anticipating higher future prices.
Bitcoin’s recent rally contributed to Pepe’s surge and sparked increased interest in other memecoins, indicating renewed enthusiasm for these niche digital assets.
Memecoin Frenzy
Well-known memecoin Floki Inu (FLOKI) and recently launched Dogwifhat (WIF) saw gains of over 30% in the past 24 hours, with the latter surging nearly 60% before retracing.
GROK and LADYS also recorded increases of 22% and 19.9% respectively in the last day, while smaller memecoins like Akita Inu and SNEK also saw similar gains.
Meanwhile, the original memecoin DOGE rose approximately 12% in the same period, with SHIB and BONK following closely with around 10% gains.
Google Trends data suggests a resurgence in retail interest in crypto, with more than a 200% increase in crypto-related searches.
The resurgence is amplified by institutional participation in the industry through the launch of spot Bitcoin ETFs by traditional finance giants like BlackRock. The exceptional performance of the Newborn Nine ETFs is prompting investment managers to reconsider their stance on crypto.
Pepe Market Data
As of 2:45 am UTC on Feb. 28, 2024, Pepe is ranked #71 by market cap, with a price increase of 52.77% over the past 24 hours. Pepe’s market capitalization is $1.19 billion, with a 24-hour trading volume of $1.54 billion. Learn more about Pepe ›
Crypto Market Summary
At 2:45 am UTC on Feb. 28, 2024, the total crypto market is valued at $2.15 trillion, with a 24-hour volume of $102.49 billion. Bitcoin dominance stands at 52.10%. Learn more about the crypto market ›
